외국계 자본의 국내 대형 오피스 빌딩의 매입 방식에 관한 연구

Abstract

This study attempted to analyze the characteristics and trends of large-scale office building asset market and to find out the reasons of acquisition types change in foreign capital's office building investment market. Between 1998 and 2006, 198 office building sale casis are collected and acquisition types are classified into 6 groups(direct acquisition method, subsidiary's stock acquisition method, private offered ABS method, CR-REITs method and real estate fund method).The result of this study are as follows. First, from the point view of tax benefit, securitization method is better than direct acquisition and subsidiary's stock acquisition method. And in side of cashflow, securitization method's cashflow size is bigger than direct acquisition and subsidiary's stock acquisition method.Second, because of conduit's tax benefit and credit remote, securitization method is better than direct acquisition and subsidiary's stock acquisition method from the points of risk management and capital-raising. Finally, securitization method is the main current of foreign capital's office building acquisition methods. and in korean capital's acquisition types it will be the mainstream faction.